The US session oil rose the most in 2 weeks, before the Memorial holiday

The US session oil rose the most in 2 weeks, before the Memorial holiday

 The US session oil rose the most in 2 weeks, before the Memorial holiday

After days of volatile trading, crude oil prices jumped 3% on Thursday, a two-week high, as the market looked for higher fuel consumption ahead of the Memorial Day holiday, when the market opens. 


After days of volatile trading, crude oil prices jumped 3% on Thursday, a two-week high, as the market looked for higher fuel consumption ahead of the Memorial Day holiday, when the market opens. The beginning of America's peak driving season.


About 39 million Americans will hit the road the Friday before the holiday, even as record-high fuel prices are likely to result in fewer trips and shorter distances this year, the American Automobile Association said.


New York-traded WTI futures for July delivery were up $3.76, or 3.4%, at $114.09 a barrel. This is WTI's biggest one-day rally since May 13, when it rallied 4%. In the four sessions leading up to Thursday, WTI saw volatile trading resulting in a net loss of 1.7%.


Brent oil futures for August delivery traded in London at $114.17 a barrel, up $3.05, or 2.7%.

“The latest round of US data shows the economy is slowing but consumers are still spending and will likely travel a lot in the summer,” said Ed Moya, an analyst at online exchange OANDA. this summer".

Data from Wednesday showed a sharper-than-expected drawdown in US gasoline and crude stockpiles helped bottom out crude prices, after having fallen as much as $2 a barrel in intraday trading during the day. last week.

U.S. oil processing hit 93.2% of capacity last week, the highest since December 2019, as refineries maxed out fuel products to meet expected demand, leaving gasoline hit a record high above $4.50 a gallon and diesel to an all-time high above $6.

Buying momentum in the oil market also increased following comments by German economy minister Robert Habeck that the EU could still reach an agreement on the oil embargo in the coming days or look to "other tools" if not. any agreement is reached.


Hungary remains an obstacle to the unanimous support needed for EU sanctions. Budapest is asking for about 750 million euros ($800 million) in support to upgrade refineries and expand oil pipelines from Croatia so that it can stop using Russian oil.

Meanwhile, Chinese Premier Li Keqiang offered an upbeat outlook on Thursday about the new anti-Covid struggles facing the world's largest oil importer. The China factor is likely to weigh on sentiment again next week, analysts said.
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